Despite the Bank of England keeping their rates on hold, High Street banks are raising their costs to boost their profits.

Several major high street lenders increased the rates on their fixed rates deals following the Nationwide Building Society raising costs up to 0.86 per cent, despite the Bank of England keeping interest rates at just 0.5 per cent.

This has come as a major blow to the Property Market and house moves, after finally reaching a turning couple months ago. Melanie Bien, of mortgage brokers Savills Private Finance, said:

“Home owners who are on a cheaper standard variable rate should hang on where they are while the rate is low.”

Jonathan Cornell, of mortgage brokers First Active Finance, said:

“If you move onto an SVR, you are probably going to have a cheaper monthly payment than if you fix now“

He then added:

“Fixed mortgage rates are going up and while you might enjoy being on an SVR for the next six to nine months, the whole experience is going to become more painful as we see interest rates begin to rise after that.”

We at Woltons Removals say you should ‘Get in there quick!’, thats literally and metaphorically. There are still Fixed Rate Deals to be had…

‘Cheltenham & Gloucester at 2.5 per cent. Halifax’s SVR is 3.5 per cent and HSBC’s is 3.94 per cent.’ – The Telegraph, 16th June.

And these can be secured up to two months before you need the mortgage, so get moving by securing your mortgage and house removals quote with Woltons Removals.